Brookfield weighs bid for SL Green’s Hudson Yards building

Amazon-anchored property hit the market earlier this year eyeing $1.1B

New York /
Oct.October 05, 2020 05:15 PM
Brookfield's Ric Clark with 410 Tenth Avenue (Getty; Google Maps)

Brookfield’s Ric Clark with 410 Tenth Avenue (Getty; Google Maps)

Brookfield is considering a play for SL Green Realty’s Amazon-anchored office building near Hudson Yards.

Brookfield Asset Management is weighing a bid for the 20-story building at 410 Tenth Avenue, Bloomberg News reported. SL Green earlier this year put the building up for sale, eyeing a sales tag of $1.1 billion.

SL Green acquired a majority interest in the office building in 2018, in a deal that valued the property at roughly $440 million. It has since embarked on a building-wide redevelopment, which included relocating the building’s entrance from 34th to 33rd Street. The landlord refinanced the building, which is also home to First Republic Bank, with a $600 million construction loan led by Goldman Sachs and Wells Fargo.

Representatives from Brookfield and SL Green declined to comment to Bloomberg.

The potential sale is a part of SL Green’s move to beef up its balance sheet. The real estate investment trust has been unloading properties and loans left and right as it fuels its stock buyback program.

Brookfield, meanwhile, has invested nearly $5 billion in the area at Manhattan West, where the developer is in the midst of constructing the megaproject’s final tower.

[Bloomberg] — Rich Bockmann

 

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